2005 - agreement betwee homeowners and Orono

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i - ♦ .. AGREEMENT THIS AGREEMENT ("Agreement") is made and entered into by and between Larry Palm and Sheryl Palm, husband and wife (collectively referred to as the "Palms") and the City of Orono ("City"). WHEREAS, the Palms are the current owners of certain real property located in Hennepin County, Minnesota, and which is commonly known as 1146 Wildhurst Trail, Orono, Minnesota("Property"); and WHEREAS, the Palms and the City desire to enter into this Agreement to allow the Palms to demolish certain structures existing on the Property and to allow the Palms to commence construction of a single family residence on the Property. NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows: 1. The recitals stated above constitute and form an integral part of this Agreement as if stated herein in full. 2. The Palms agree to: (1) obtain a building permit for the construction of a replacement residence on the Property within sixty(60) days of demolition of the existing residence; (2) commence construction of the new residence within one hundred twenty (120) days of demolition of the existing residence; and (3) complete all exterior work on the replacement residence within one (1) year of issuance of the building permit and complete all interior work within two (2) years of the issuance of the building permit for the replacement residence. NO LgrEr2 Tffi4N ocT 151zo0(o V 3. The Palms agree to remove the accessory structure ("Boathouse") • • -• at the Palms expense.--it %(,o-E _.. - • _ gd 4. If any one of the events described above do not occur or the Palms fail to perform their obligations as provided herein, the Palms agree to the following: a. The City may enter upon the Property and remove the Boathouse; and b. The City may assess the cost of the removal of the Boathouse to the Property.